What does the team mean by the token standard being ERC20 + KYC?

20 May 2019 07:41

Updated

All ERC20 functions are available in the smart contract. This makes our token compatible with nearly all wallets currently on the market. In addition, the contract includes custom functions to require whitelisting — KYC tokens can be received by anyone, but the token holder who sends the token must be whitelisted.

The token holder becomes whitelisted by obtaining a Blockpass verified identity. Such a KYC requirement for transacting with PASS tokens means that the tokens are in fact “registered.” Any transaction that is carried out using the token can be traced back to the party which initiated the transaction.

This means that PASS tokens will be ideal for transactions that involve the purchase of regulated assets, such as security tokens. Theoretically, a P2P transaction could be carried out between holders of any security token and PASS tokens. The very fact that the security is being sold in exchange for PASS tokens would mean that due diligence has been carried out about the purchaser of the security.